BRADENTON, Fla. - The Atlanta Falcons will have a longer wait for the public financing that will support their $1.2 billion retractable-roof stadium.
Five opponents living near the project filed a notice June 5 stating their intention to appeal the $278.3 million in revenue bonds that Fulton County Superior Court Judge Ural Glanville validated last month.
The appeal was anticipated, and briefs have not been submitted.
Attorney John Woodham - one of two attorneys representing the opponents - declined to comment about why his clients decided to pursue an appeal.
The bonds were expected to price in the fourth quarter of the 2014 calendar year through Invest Atlanta, the city's economic development agency.
"While the city is disappointed that the opposing party has chosen to file an appeal of the bond validation, we feel that the city has a strong position and will ultimately prevail based on the facts and merit," Atlanta's chief financial officer, Jim Beard, told The Bond Buyer Tuesday.
"We do not expect these actions to jeopardize the stadium although certain timelines may require adjustment," he added.
On May 8, Ural filed a 90-page decision validating the bonds, and striking down objections cited by the intervenors saying they were meritless or immaterial.
Ural said city officials followed the proper procedure to authorize the bonds, and the local hotel-motel tax to be used as security.
The stadium opponents cited multiple legal reasons why the bonds could not be validated, including whether the deal was legal under Georgia's constitution. They also objected to the demolition of two churches to make way for the new stadium, and said the project failed to undergo proper review.
The 30-year bonds will provide $200 million for construction. The additional $78.3 million is for capitalized interest, reserves, and issuance costs.
The stadium project is expected to cost "in excess of" $1.2 billion, and includes demolition of the Georgia Dome, where the Falcons currently play in downtown Atlanta.
In addition to bond financing, the stadium's remaining cost will be paid through the National Football League's G-4 loan program, team debt, equity, and personal seat licenses.
The stadium, designed by 360 Architecture, will have 71,000 seats and feature a retractable roof and an open air concourse.
The team and city officials held a ground-breaking ceremony May 19 - a little over a week after the bonds were validated.
